PRA BOE Operational Resilience: Impact tolerances for ...

PRA BOE Operational Resilience: Impact tolerances for important business services PS6/21 · identify their important business services by ... MENUMENUFCA&EUAuthorisationOurTechnology ComplyportalBookDemo Services FCA&EUAuthorisationsOngoingSupportOperationalResilienceSupportSkilledPersonReviewsandRegulatoryInvestigationsGovernance,RiskandComplianceSanctionsFrameworkReview RegulatoryApplicationsFinancialCrime&ForensicsSupportServicesFCAAnnualFinancialCrimeReporting(REP-CRIM)SupportExpertWitnessOutsourcedComplianceSolutionsIFPRImplementationSupport FinancialReportingProjectandChangeManagementPensionAssurance-SwitchingandTransfersThematicReviewsRetailFinancialServicesComplianceTraining SectorsWhoWeAre AboutusOurManagementTeamAssociateFirmsInternationalReachCorporateSocialResponsibility Insights Insights&ArticlesRegulatoryRoundup Careers CareersatComplyportGraduateTrainingProgramme ContactUs Blog 15April202119April2021 LatestNews PRABOEOperationalResilience:ImpacttolerancesforimportantbusinessservicesPS6/21On29March2021,thePrudentialRegulationAuthority(PRA),theFinancialConductAuthority(FCA),andtheBankofEngland(‘theBank’)initscapacityofsupervisingfinancialmarketinfrastructures(FMIs),collectively‘thesupervisoryauthorities’jointlyissuedapaperonOperationalResilience. AkeypriorityforthesupervisoryauthoritiesistoputinplaceastrongerregulatoryframeworktopromotetheoperationalresilienceoffirmsandFMIs.Tothisend,thesupervisoryauthoritiespublishedajointDiscussionPaperonOperationalResiliencein2018settingoutanapproachtooperationalresilience.Followingthis,thesupervisoryauthoritiespublishedasuiteofconsultationdocuments(‘theconsultations’)inDecember2019toembedthisapproachintopolicy. TheproposalsweredesignedtoimprovetheoperationalresilienceoffirmsandFMIsandprotectthewiderfinancialsectorandUKeconomyfromtheimpactofoperationaldisruptions.TheconsultationsproposedrequirementsandexpectationsforfirmsandFMIsto: identifytheirimportantbusinessservicesbyconsideringhowdisruptiontothebusinessservicestheyprovidecanhaveimpactsbeyondtheirowncommercialinterests; setatolerancefordisruptionforeachimportantbusinessservice;and ensuretheycancontinuetodelivertheirimportantbusinessservicesandareabletoremainwithintheirimpacttolerancesduringsevere(orinthecaseofFMIs,extreme)butplausiblescenarios. ThisPrudentialRegulationAuthority(PRA)PolicyStatement(PS)providesfeedbacktoresponsestoConsultationPaper29/19Operationalresilience:Impacttolerancesforimportantbusinessservices. ItalsocontainsthePRA’sfinalpolicy,asfollows: anewOperationalResiliencePartsofthePRARulebook amendmentstotheGroupSupervisionPartofthePRARulebook anewSupervisoryStatementSS1/21‘Operationalresilience:Impacttolerancesforimportantbusinessservices’;and anewStatementofPolicy‘Operationalresilience’ ThisPSisrelevantto: UKbanks,buildingsocieties,andPRA-designatedinvestmentfirms(banks);and UKSolvencyIIfirms,theSocietyofLloyd’sanditsmanagingagents(insurers). TheOperationalResiliencePartswillbeeffectivefromThursday31March2022.Tocomplywiththerules,firmsshouldcontacttheirsupervisorstoagreetheirplansformeetingpolicyrequirements. SS1/21willbeeffectivefromThursday31March2022. https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/policy-statement/2021/march/ps621.pdf?la=en&hash=A15AE3F7E18CA731ACD30B34DF3A5EA487A9FC11 Youcansharethispost! 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